This was calculated from Mojo Mortgages’ MortgageScore, an eligibility checking service for mortgages, set to launch in January.
Nottingham has been ranked as the most mortgage ready area of the UK by Mojo Mortgages.
Mojo Mortgages is gearing up for the launch of its MortgageScore in January.
The service uses open banking data to help buyers understand their eligibility for a mortgage and helps them get mortgage ready by providing personalised coaching.
A customer’s score is calculated out of a thousand, and those who score 400-500 are deemed as ‘mortgage ready’, although, they may have to go down a specialist lending route as they are towards the bottom of the scale.
Those who score over 501 will be able to access a wider range of lenders, while those who have a score of 399 or below will be offered tailored coaching via the service’s MortgageCoach to help them increase their scores. The ideal score for someone looking to buy is 600 or above.
Nottingham was ranked as the most mortgage ready with a score of 694, followed by Stockport (684) and Basildon (669). The least mortgage ready area was Wolverhampton with a score of 514.
Richard Hayes, chief executive and co-founder of Mojo Mortgages, said: “At Mojo, we’re on a mission to make the mortgage experience better for everyone.
“That includes being more transparent, and empowering people with information to make the mortgage experience easier.
“People can sign- up to MortgageScore™ now ahead of its January launch to ensure they are first to access the service.
“From our own research, we found that 40% of people who used our service wanted to get a clear indication of how much they could afford to borrow.
“While a staggering 82% of our customers didn’t know whether they had a good enough credit score to get a mortgage.
“By launching this new service, customers won’t be left in the dark when it comes to what they need to do to get mortgage ready.”
